History and Experience

Serica's strategy has been to identify asset acquisitions where we can unlock value. We will continue to focus our expertise on the UK North Sea

Serica was formed in 2004 and since that time has been an active explorer, developer and producer of oil and gas fields in the UK and around the world.   In recent years, Serica has shifted its focus to production in the UK North Sea, initially acquiring an 18% share in the Erskine field in 2015.  

Serica’s strategy has been to invest where it sees it can add value.  This is true for the Bruce, Keith and Rhum (BKR) acquisition, completed in November 2018.  Serica became the Operator of the assets which enabled its staff and management to apply the control and focus required to simplify processes, increase production uptime, reduce costs and so extend the life of the Bruce facilities and the BKR fields that tie into Bruce.   The innovative deal was structured to share risks and rewards with the sellers through a profit-sharing agreement, which incentivises all parties to succeed and reduced the necessity for debt.

The acquisition enabled Serica to grow its operational expertise, focussed on operating the BKR assets, but also well-placed to grow as an organisation to take on and improve more operated assets.  Serica has over 170 staff, located in the Aberdeen operational centre, offshore on the Bruce platform and in the London corporate headquarters.  At the start of 2022 Serica had over £218 million in cash, cash equivalents and hedging advances, no debt and limited decommissioning liabilities.

Serica Today

170 staff

£218 million cash*

62 mmboe 2P reserves**

5 producing fields

£0 debt

 
* cash, cash equivalents and hedging advances at 01 January 2022
**as at 01 January 2022

Our story

Serica Early Years

2004-2016


2016


Netherland, Sewell & Associates (NSAI) estimate year-end remaining reserves for Erskine of 3.8 million boe net to Serica


2015


Completed Erskine Acquisition

Production over 3,000 boepd net to Serica in H2 2015


2014


Acquisition of interest in Erskine Field, Central North Sea, from BP

Drilling of carried wells in Morocco


2013


Tender for development of Columbus field (via Lomond)

BG decide not to proceed with Columbus via Lomond project


2012


Farm out of blocks in Morocco & UK

4,180km2 3D seismic acquisition in Namibia

Farm out of blocks in Morocco & UK

4,180km2 3D seismic acquisition in Namibia


2011


Sale of remaining exploration assets in Indonesia

Award of exploration interests in Namibia


2010


Sale of Kambuna interest


2009


Bandon Discovery west of Ireland

First Gas from Kambuna


2008


Kambuna development wells drilled

Columbus Development Plan submitted


2007


Two successful Columbus appraisal wells drilled

Commencement of Kambuna development


2006


Uncommercial SNS gas discovery (Oak)

Discovery of Columbus Field (CNS)


2005


Serica listed on AIM

Kambuna appraisal well success in Indonesia


2004


Serica Energy Corporation formed

Listed on TSX Venture Exchange


Early Years


On 16th May 2019, Serica Energy Chairman Tony Craven Walker presented ‘Fifty Years in the North Sea: A Personal Journey’ to the Scottish Oil Club at the Royal Scots Club in Edinburgh. The talk followed Tony’s career, starting out in the 1960s at BP, and followed his involvement in setting up three British independent oil companies, Charterhouse Petroleum, Monument Oil and Gas and Serica Energy. He reflected on the political backdrop to developments in the oil and gas market over that period, and some of the current developments in the North Sea.

 To access the presentation please click here

 

 

Serica BKR Deal

2017-2018


2018


Serica awarded four exploration licences in the UK 30th Licence Round  

Columbus Field Development Plan approved

Total E&P, BHP and Marubeni agree to sell their interests in the Bruce and Keith assets in the UK Northern North Sea to Serica

Serica opens a new office and Centre of Excellence in Aberdeen

Serica strengthens its asset base with the completion of the BKR transaction


2017


BP agrees to sell Bruce/Keith/Rhum assets in the Northern North Sea to Serica


Serica as Operator

2019 - Present


2016


Netherland, Sewell & Associates (NSAI) estimate year-end remaining reserves for Erskine of 3.8 million boe net to Serica


2015


Completed Erskine Acquisition

Production over 3,000 boepd net to Serica in H2 2015


2014


Acquisition of interest in Erskine Field, Central North Sea, from BP

Drilling of carried wells in Morocco


2013


Tender for development of Columbus field (via Lomond)

BG decide not to proceed with Columbus via Lomond project


2012


Farm out of blocks in Morocco & UK

4,180km2 3D seismic acquisition in Namibia

Farm out of blocks in Morocco & UK

4,180km2 3D seismic acquisition in Namibia


2011


Sale of remaining exploration assets in Indonesia

Award of exploration interests in Namibia


2010


Sale of Kambuna interest


2009


Bandon Discovery west of Ireland

First Gas from Kambuna


2008


Kambuna development wells drilled

Columbus Development Plan submitted


2007


Two successful Columbus appraisal wells drilled

Commencement of Kambuna development


2006


Uncommercial SNS gas discovery (Oak)

Discovery of Columbus Field (CNS)


2005


Serica listed on AIM

Kambuna appraisal well success in Indonesia


2004


Serica Energy Corporation formed

Listed on TSX Venture Exchange


Early Years


On 16th May 2019, Serica Energy Chairman Tony Craven Walker presented ‘Fifty Years in the North Sea: A Personal Journey’ to the Scottish Oil Club at the Royal Scots Club in Edinburgh. The talk followed Tony’s career, starting out in the 1960s at BP, and followed his involvement in setting up three British independent oil companies, Charterhouse Petroleum, Monument Oil and Gas and Serica Energy. He reflected on the political backdrop to developments in the oil and gas market over that period, and some of the current developments in the North Sea.

 To access the presentation please click here

 

 


2018


Serica awarded four exploration licences in the UK 30th Licence Round  

Columbus Field Development Plan approved

Total E&P, BHP and Marubeni agree to sell their interests in the Bruce and Keith assets in the UK Northern North Sea to Serica

Serica opens a new office and Centre of Excellence in Aberdeen

Serica strengthens its asset base with the completion of the BKR transaction


2017


BP agrees to sell Bruce/Keith/Rhum assets in the Northern North Sea to Serica



2022


BKR cashflow share increases to 100%
Spudded North Eigg well in July


2021


Columbus comes on production in November

R3 well recompleted and brought on production in August


2020


Licence P2501 awarded from 1st January 2020 containing North Eigg prospect

32nd UKCS Licensing Round; awarded a new licence covering four UK Northern North Sea blocks

Maiden dividend of 3 pence per share voted in at AGM

Serica publishes its inaugural ESG Report


2019


Major contract awards for Columbus long lead development items

Rig contract signed for Maersk Resilient Heavy Duty Jack Up rig to drill
Columbus development well

Participated in drilling fully-carried Rowallan exploration well

Operated the Bruce, Keith and Rhum assets, increasing production and
reducing costs and emissions

Increased Erskine reserves to 5.2mmboe due to improved operating efficiency
(based on independent CPR 1/1/19)


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